When one reads about reunifying loans and debts, one usually identifies the concept with something negative and the mortgage brokers that are dedicated to it as fee collectors who do nothing or even as scammers.
Obviously I am going to give arguments to try to change the vision that we have of the reunification of debts and of the professionals of the sector, since in part we are dedicated to this business. But there are also reasons for the sector to be seen with such bad eyes, that we will not ignore.
Negative points of debt reunification
The fundamental thing is to understand that the grouping of loans and debts into a single mortgage payment is not an option chosen, rather an alternative necessary to balance an over- indebtedness situation that should not have occurred.
There are people who do not know or do not want to know how to manage their personal finances. They throw a card to go on a trip, apply for loans to buy cars above their standard of living or systematically pay off their debts. For this type of people the reunification of debts will not solve the problem more than in the short term. A new mortgage will be made that includes all your debts, so the monthly installment to be paid will be lower than all the installments you paid separately. But soon he will ask for loans again and pull credit cards. And the financial ball will get bigger until your case has no solution and you lose housing. On the other hand, financial intermediation companies that deal with debt reunifications often have no idea of the business and / or charge exorbitant fees. Paying for this type of business is throwing money and, in addition, possibly hiring a bad reunification mortgage. This reality must disappear with the application of the new regulations, which requires intermediaries to give prior information about the company and the fees it charges and to be registered in a Public Registry.
Positive points of reunification
The grouping of debts and loans into a single mortgage payment has an obvious financial utility: it helps to balance the monthly payments of a family in order to reach the end of the month. If the financial imbalance has been due to temporary problems, such as loss of temporary employment or extraordinary expenses (illness of one of the members of the house, for example), but not because the family is a disaster managing its budget, the reunification of Debts is surely a good solution . You can process a reunification directly with specialized banks or go to a mortgage broker that complies with the law (has more negotiation capacity, different banking options and will advise you correctly on the best options according to your economic profile).
No one should be in need of reunifying their debts and loan
But the reality often causes us imbalances between income and expenses that lead us to a situation of over-indebtedness. And in these cases grouping debts is a solution.
But one has the obligation to fully understand the financial product and be properly advised by professionals. Once signed before a notary, there is no turning back and it is worth noting that we have been deceived.